The Institute of Chartered Accountants Ghana (ICAG) will soon institute a quality Assurance Review Program to ensure adherence to quality standards in the accounting profession.
As a first step, the Council has adopted the Audit Quality Assurance Review manual prepared by the Association of Accountancy Bodies in West
Africa.
Mr Joseph Fred Odartey Blankson, Vice-President of ICAG, said under the
programme the Institute would monitor the practice standards of all firms and recommend corrective action where necessary.
He was speaking at a press conference to herald this year's celebration of the annual accountants' week celebration on the theme: "Accountants: Sustaining Value Creation."
Mr Blankson said to secure and maintain professional standards the institute adopted and implemented the International Financial Reporting
Standards for public interest companies in 2008.
He said the Council of ICAG in partnership with the Controller and Accountant General, the Auditor General and the Ministry of Finance and
Economic Planning was working on way forward for the adoption of the International Public Sector Accounting Standards in Ghana.
The ICAG is also playing an active role at the sub-regional level and currently involved in mentoring the Liberian Institute of Certified Public Accountants, which had requested ICAG to open an examination centre in that country to enable Liberian students write the professional ICAG examinations.
In addition, ICAG and the Institute of Chartered Accountants, Nigeria had promoted the harmonisation of the Accountancy Technician Scheme in West Africa.
Moreover, Gambia, Sierra Leone and Benin would be joining Ghana, Nigeria and Liberia to write the common examination in September 2010.
In pursuit of a growth agenda, the Institute had put in place interventions to improve the turnout of accountants whilst ensuring that the
quality did not deteriorate.
There are also plans to start the ICAG Chartered Diploma, a professional style higher diploma with specialisation in business studies geared towards meeting the current demand dynamics of the market, Mr Blankson said.
He said the ICAG's diploma programme was aimed at training participants to improve on their job performance. The package contains a comprehensive range of advanced diplomas and would be the leading diploma in Ghana and the West African sub-region.
Some activities planned for the week include students' forum, accountants' conference an annual general meeting and a dinner dance.